A. The superintendent may revoke or suspend the insurance premium financing license of any person when after investigation it appears to the superintendent that:
(1) any license issued to such person was obtained by fraud;
(2) there was any misrepresentation in the application of the license;
(3) the holder of such license has otherwise shown himself untrustworthy or incompetent to act as a premium finance company;
(4) such person has violated any of the provisions of this article; or
(5) such person has been rebating part of any valid service charge to an insurance agent, his employee or to any other person as an inducement to the financing of any insurance policy.
B. The procedures for revocation and suspension of licenses shall be established by the superintendent through rule and regulation.
History: Laws 1984, ch. 127, ยง 844.
Structure New Mexico Statutes
Article 45 - Premium Financing
Section 59A-45-1 - Short title.
Section 59A-45-2 - Definitions.
Section 59A-45-3 - Licensing requirements.
Section 59A-45-4 - Bonding requirements for licensees.
Section 59A-45-5 - Exemptions.
Section 59A-45-6 - Books and records.
Section 59A-45-7 - Form of premium finance agreement.
Section 59A-45-8 - Additional requirements.
Section 59A-45-9 - Assignee subject to defenses.
Section 59A-45-10 - Delinquency charges.
Section 59A-45-11 - Cancellation of insurance contract upon default.
Section 59A-45-12 - Exemption from any filing requirement.
Section 59A-45-13 - Revocation and suspension of licenses.
Section 59A-45-14 - Cease and desist order from the superintendent.